Required Information The Foundational 15 (Static) [LO3-1, LO3-2, LO3-3, LO3-4) The following information apples to the questions displayed below) Bunnell Corporation is a manufacturer that uses job order costing On January 1, the company's inventory balances were as follows: Raw materials $ 40,000 Work in process $ 18,000 Finished goods $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account. $510,000, b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services: direct labor. $600,000: Indirect labor. $150,000: selling and administrative salaries $240,000 d. Incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods Warehousing). $367.000, e. Incurred various manufacturing overhead costs (e.g. depreciation Insurance, and utilities). 5500,000 f. Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor-hours on all jobs during the year Jobs costing $1680,000 to manufacture according to their job cost sheets were completed during the year hJobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1.690,000 to manufacture according to their job cost sheets Foundational 3-1 (Static) Required: 1 What is the Journal entry to record raw materials used in production if no entry is required for a transaction event, select "No Journal entry required in the first account field.) Vertranfionist Journal entry worksheet Record the raw materials used in production Det Credit Required: 1. What is the journal entry to record raw materials used in production? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 40, Work in process $ 18,000 Finished goods $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The recorded for the year. a Raw materials were purchased on account, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct c. The following costs were accrued for employee services: direct labor, $600,000; indirect lab administrative salaries, $240,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and warehousing). $367,000. e. Incurred various manufacturing overhead costs (eg, depreciation, insurance, and utilities). $9 f. Manufacturing overhead cost was applied to production. The company actually worked 41,00 jobs during the year. g. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed d h. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs ce manufacture according to their job cost sheets. Foundational 3-2 (Static) 2. What is the ending balance in Raw Materials? Raw Materials Credit Debit Beginning balance Ending balance 3. What is the journal entry to record the labor costs incurred during the year? (If no entry is required for a transactio "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the accrued labor costs. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Foundational 3-4 (Static) 4. What is the total amount of manufacturing overhead applied to production during the year? Manufacturing overhead applied Foundational 3-5 (Static) 5. What is the total manufacturing cost added to Work in Process during the year? Total manufacturing cost